May 20, 2020
American Street Capital (ASC) arranged a $5.15-million refinance for an 18-unit multifamily property in the North Side’s Andersonville neighborhood. The loan was originated by ASC president Igor Zhizhin.
ASC worked on behalf of the sponsor to secure a fixed-rate and term refinance loan. The 1920s-vintage property at 1470 W. Carmen Ave. was acquired in 2010 and fully remodeled by 2012, and was 100% occupied at closing.
The sponsor, an existing client, was approaching the maturity of his original five-year fixed term and wanted to capitalize on historically low interest rates. ASC structured the non-recourse 20-year term, consisting of 10 years fixed and 10 years floating on a 30-year amortization schedule. The loan was placed with a correspondent agency lender.
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Tags: Apartments & Multifamily, Broker, Financing
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